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T3's Take 3: Greece Accepts, Netflix Soars, Earnings Season Rocks On


Today's financial recap and tomorrow's financial outlook.

Today at T3 Live

T3 Live is hosting its first annual Finance Festival and you're invited!

The event will be held November 6-8 at the Mayfair Hotel & Spa in Miami, Florida, just minutes from Miami beach.

We'll kick off Friday evening with a VIP dinner followed by a weekend full of insightful keynote discussions, great food, and what promises to be the party of the year!

Click here to learn more about T3 Live's Finance Festival

Greece Moves Forward

Greece's Parliament accepted the proposed bailout terms in order to receive desperately needed funds. The President of the European Central Bank, Mario Draghi pledged further bank funding and confirmed Greece's place in the euro at a press conference in Frankfurt today.

Investors took this as the first step towards the end of the Greece financial crisis as European markets rallied, with major indices up around 1.5%. European bonds fell slightly as investors continued to put money into riskier assets.

Despite the progress, Germany's finance minister, Wolfgang Schaduble, suggested that Greece may be better off leaving the euro. He believes a temporary exit from the euro will give the country flexibility to reduce its debt load.

Netflix Soars

Netflix (NFLX) announced its earnings report yesterday after the close. The company reported EPS of six cents, beating expectations by two cents, with in-line revenues.

While its earnings results weren't spectacular, investors were excited by the company's growth to 65.6 million subscribers.

Netflix' strongest growth was in international markets as overseas subscribers grew from 2.37 million to 23.3 million. Domestic subscribers grew by 900,000 to 42.3 million.

NFLX shares surged 15.4%, hitting a new all-time intraday high of $116.49, making it the best performing S&P 500 stock this year.


Today's earnings announcers were all over the place.

Goldman Sachs (GS) reported an earnings miss and a slight revenue beat as litigation costs surged. Shares closed down 0.8%, the worst performer of today's major earnings names.

eBay (EBAY) rallied on an earnings and revenue beat. Shares hit a new all-time of $66.71, and finished up 3.4%

Citigroup (C) was today's earnings winner, finishing up 3.8%.

Even with Goldmans Sachs' middling performance, banks stocks were strong today, with the XLF ETF returning 1.0%, beating the S&P's 0.8% gain.

Friday's Financial Outlook

US economic data for tomorrow will include housing starts and buiding permits, CPI, University of Michigan sentiment, and Baker Hughes US rig count data.

Overseas data includes Canadian CPI and Chinese property prices.

General Electric
(GE), Honeywell (HON), JB Hunt (JBHT), LM Ericsson (ERIC), Progressive (PGR), and SunTrust Banks (STI) will report earnings before the close.
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